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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
STIR
- Fed Funds implied rates are little changed on the day, led by a 1bp increase for the May meeting.
- It leaves broader levels a little higher than shortly before yesterday’s FOMC minutes, with a cumulative 18.5bp of cuts for March, 66bp for June and 146bp for December – see table.
- The Dec’24 implied rate is 12bp higher from Friday’s close with the wider path back at levels from Dec 19/20 before declines were helped supported by downward GDP and core PCE revisions.
- The FOMC minutes suggest discussion around reducing interest rates later this year was limited to penciling in a median three rate cuts for 2024 in the quarterly projections, a similar take to Chair Powell’s clarification on the matter when asked in the FOMC press conference for the Dec 13 meeting and NY Fed's Williams' post-meeting remarks.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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